Vancouver - Pacific Ridge Exploration Ltd. (PEX: TSX Venture; PEXZF: OTCQB) ('Pacific Ridge' or the 'Company') is pleased to announce assay results from the first of three diamond drill holes completed during the 2021 drilling campaign at the Company's Kliyul copper-gold porphyry project, located in the prolific Quesnel Trough in Northwest British Columbia.
Drill hole KLI-21-036 highlights
437.0 m of 0.61% copper equivalent (CuEq) or 0.96 g/t gold equivalent (AuEq) comprising 0.22% copper and 0.60 g/t gold containing: 53.0 m 0.75% CuEq or 1.17 g/t AuEq comprising 0.22% copper and 0.83 g/t gold and 291.70 m of 0.75% CuEq or 1.18 g/t AuEq comprising 0.28% copper and 0.74 g/t gold, including; 141.0 m of 1.07% CuEq or 1.68 g/t AuEq comprising 0.36% copper and 1.11 g/t gold.
Starting at surface, this is the longest and highest-grade interval ever returned from Kliyul, far surpassing the best previous result of 245.0 m of 0.52% CuEq or 0.81 g/t AuEq comprising 0.18% copper and 0.53 g/t gold, which was drilled by Teck Resources in 2015.
Assay results from the remaining two drill holes, KLI-21-037 and KLI-21-038, will be reported when available.
'The results from our first ever drill hole at Kliyul far exceeded our expectations,' said Blaine Monaghan, President and CEO of Pacific Ridge. 'They are, in fact, the best drill results ever to be reported from Kliyul. Although we are still waiting for assay results from the remaining two drill holes, hole KLI-21-036 gives us the confidence to begin planning an expanded 2022 drill program at Kliyul. I would like to congratulate Dr. Gerry Carlson, Pacific Ridge's Executive Chair, Danette Schwab, the Company's VP Exploration, and our technical committee for their fine work.'
About the Kliyul Project
Over 60 sq-km in size, Kliyul is located 50 km southeast of Centerra Gold Inc's Kemess mine and 5 km from the Omineca mining road in one of the most geochemically anomalous areas for copper and gold in the prolific Quesnel Terrane. The Project contains four main target areas: KMZ, Bap Ridge, Ginger, M39, and Paprika, each representing an interpreted porphyry centre over a 4 km strike length. KMZ is the most intensely explored of these, with 33 drill holes (5,524 m) drilled since 1974, most of which targeted a near-surface copper-gold magnetite zone (drill holes KL-5 to KL-93-5). Deeper drilling in 2006 and 2015 encountered a porphyry copper-gold system (drill holes KL06-30 to KL-15-35).
The Project displays classic porphyry copper-gold deposit alteration and mineralization patterns. Geological interpretation, supported by a variety of geophysical surveys, including IP, magnetics and magnetotellurics, suggest the potential to significantly expand the size of the Kliyul mineralized system.
About Pacific Ridge
Our goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold Inc's Kemess mine. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold project and the Redton copper-gold project, both located in British Columbia. Pacific Ridge will continue to search for projects that offer discovery opportunity in our regions of expertise.
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This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Pacific Ridge Exploration Ltd. ('Pacific Ridge') expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding an expanded exploration program in 2022 and the potential to significantly expand the size of the Kliyul mineralized system. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, that one of the options will be exercised, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's proposed programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.